2026年开年首个交易周，期货市场便迎来重磅事件冲击。1月5日，国内期货市场一边是钯金、碳酸锂、铂金等品种飙涨超6%，另一边是原油、焦煤、纯 碱等主力合约跌超2%。这背后，是一则突发的地缘政治事件与国内清晰的产业政策形成了激烈碰撞，驱动资金在避险与赛道间重新布局。 | 代码 | 名称 | 现价 | 涨幅(铝)↓ | | 涨速 | 成交量 | 持命 | | --- | --- | --- | --- | --- | --- | --- | --- | | pd2606 | 耙2606 | 452.85 | +8.88% | 36.95 | -0.03 | 3.28万 | 1.36万 | | Ic2605 | 碳酸锂2605 | 129980 | +7.74% | 9340 | 0.02 | 34.36万 | 51.53万 | | pt2606 | 铂2606 | 583.95 | +6.48% | 35.55 | -0.49 | 5.75万 | 3.19万 | | wr2601 | 线材2601 | 3600 | +4.93% | 169 | 0.00 | 3 | 0 | | AP2605 | 本首5605 | ...

Core Viewpoint - The article discusses the investment value of Wanhua Chemical, emphasizing its leading position in the global MDI industry and its resilience against market fluctuations despite short-term price pressures [3][4]. Group 1: MDI as the Core Business - Wanhua Chemical's business is divided into three main segments: polyurethane (core products MDI and TDI), petrochemicals, and fine chemicals and new materials [5]. - In the first half of 2025, the gross profit from polyurethane products accounted for approximately 75% of the company's total profit, highlighting its significance as the main profit source [5]. - As of September 2025, Wanhua's total MDI production capacity reached 3.05 million tons per year, maintaining the largest market share globally at 27.2%, an increase of 1.2 percentage points from 2024 [5][11]. Group 2: Market Demand and Pricing Trends - The global demand for MDI in the first nine months of 2025 was approximately 7.85 million tons, with China accounting for 3.9 million tons, or 49.7% of the total demand [8]. - Demand growth rates for MDI in various sectors from January to September 2025 were 3.5% in home appliances, 4.8% in automotive manufacturing, while the construction insulation sector saw a decline of 2.0% due to a sluggish real estate market [9]. - MDI prices in China exhibited a "first suppressed, then rebounded, and finally declined" trend in 2025, influenced by global overcapacity [9][11]. Group 3: Financial Performance and Challenges - For the first three quarters of 2025, Wanhua reported revenue of 144.2 billion yuan, a decrease of 2.3% year-on-year, and a net profit attributable to shareholders of 9.16 billion yuan, down 17% [12]. - The gross margin for the polyurethane business in Q3 2025 was 25.7%, a slight decline from 26.2% in 2024, primarily due to falling MDI prices and high raw material costs [14]. - Despite short-term price pressures, Wanhua's strong production capacity, cost advantages, and diversified business layout provide significant resilience against market cycles [11]. Group 4: Future Growth Opportunities - Wanhua is cultivating its battery materials business as a second growth curve, focusing on lithium iron phosphate and continuous graphite negative electrode products, with plans to achieve a capacity of 1 million tons of lithium iron phosphate by 2027 [18]. - In fine chemicals, Wanhua's ADI business is expanding globally to enhance risk resilience, and its MS resin facility has begun large-scale production, filling a domestic gap in high-end optical-grade materials [19]. - The company is committed to a differentiated product strategy, benefiting from new production capabilities and the demand from the new energy sector, which supports its high-value product matrix for long-term growth [19].

Core Insights - The first cross-Caspian international transport corridor train carrying 45 containers of photovoltaic components departed from Xi'an International Port on January 1, 2026, marking a significant milestone in international logistics for engineering contractors [1] - The train service significantly reduces transportation time from approximately 2 months to as fast as 11 days compared to maritime shipping, while offering customized "door-to-door" logistics services, effectively lowering overall costs for enterprises [1] - The train supports the construction of a 1GW photovoltaic project in Azerbaijan, which is the largest renewable energy project implemented by Chinese enterprises in Central Asia and the Caspian region, expected to provide 1.5 billion kWh of clean energy annually and reduce carbon emissions by 1.1 million tons [1] Group 1 - The efficient operation of the train is attributed to Xi'an's ongoing participation in the construction of the cross-Caspian international transport corridor, collaborating with member units to reduce costs and improve efficiency [2] - The frequency of the cross-Caspian international transport corridor trains has increased, with transportation time reduced from 15-23 days to around 11 days [2] - Since the first train launched in October 2019, a total of 466 trains have been operated by the end of November 2025, with 174 trains running from January to November 2025, indicating steady growth [2] Group 2 - Xi'an Chanba International Port, in collaboration with China Railway Xi'an Bureau Group Co., Ltd., has implemented measures such as "one-stop service, cloud cabin system, port linkage, and manifest consolidation" to enhance service quality and operational efficiency [2] - Key performance indicators such as train operation volume and freight volume for the Xi'an China-Europe Railway Express remain among the top in the country [2]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文丨张桔 编辑丨谢长艳 如果在天天基金网基金经理搜索中输入"李进"的名字，弹出的搜索结果会有两人：一位是曾经先后任职 于宝盈、景顺长城的权益名将李进，如今已经离职；另一位就是现任融通基金基金经理的李进，他的累 计任职时间还不到3年，但李进在管产品中多只年内净值涨幅翻倍，尤其是在管的股票型基金融通产业 趋势一举拿下该类型的年度状元，这也让基金经理李进的名字快速被广大基民所熟知。 从李进的年度持仓来看，AI算力也是对其贡献最大的赛道领域，不过与同行基金经理不同的是，他没 有选择全仓押注这一领域，同时还在新能源、创新药、新消费等多个热门赛道有所布局。岁末之际，他 向本刊独家剖析了其任职以来的投资历程，并断言市场估值依然合理，同时表示2026年将持续关注布局 四大核心赛道。 A股市场上行趋势没有结束 随着新一年开启，二级市场的上市公司又将纷纷交出2025年年报的成绩单，就此春季行情有望从价值篇 起步。而在李进的眼中，他对于哪一赛道的业绩最有信心呢？ 算力与互联网企业估值仍具吸引力 岁末之时，投资者首要关注的就是下一年市场的整体走势会怎样？对此， ...

Group 1 - The Hang Seng Index closed at 26,347.24 points, up 0.03%, while the Hang Seng Tech Index rose 0.09% to 5,741.63 points. The National Enterprises Index fell 0.22% to 9,148.47 points, and the Red Chip Index increased by 0.07% to 4,086.74 points [1] - Brain-computer interface concept stocks led the market, with Nanjing Panda Electronics rising nearly 40% and Brain动极光 up over 15%. Meanwhile, domestic property stocks also saw gains, with融信中国 up over 6% and世茂集团 up over 5% [1] - New energy vehicle stocks continued to decline, with Great Wall Motors down over 6%, NIO down nearly 6%, and XPeng Motors down over 4% [1] Group 2 - GF Securities indicated that the recent rise in Hong Kong stocks is supported by fundamentals, with signs of structural recovery in profitability starting from the second half of 2024, driven by stable internal and external demand and macro policy support [1] - The report highlighted that most core companies in strategic technology sectors between China and the U.S. are listed in Hong Kong, with growth in high-end manufacturing and technology transitioning from "single-point breakthroughs" to "multi-point explosions" [1] - The weighting of new economy-related stocks in the Hang Seng Index has increased from 17% to nearly 50%, indicating a shift from traditional economic cycles to hard technology sectors such as AI applications, new energy, and semiconductors [1] Group 3 - Huajin Securities noted a correlation coefficient of approximately 0.5 between the performance of the Hang Seng Index during the New Year holiday and the performance of the Shanghai Composite Index in the following 10 trading days, suggesting that a strong performance in Hong Kong could positively influence A-shares [2] - The Hang Seng Index, Hang Seng Tech Index, and Hang Seng China Enterprises Index rose by 2.8%, 4%, and 2.9% respectively on January 2, indicating a potentially strong short-term outlook for A-shares following the holiday [2]

2026年1月1日，深圳新宙邦科技股份有限公司发布公告，拟在沙特阿拉伯延布重工业园区投资建设锂离子电池材料项目， 总投资额约2.6亿美元。 该项目聚焦年产20万吨碳酸酯溶剂及联产10万吨乙二醇生产线，将进一步完善公司全球产能布局。 作为国内电池化学品龙头，新宙邦此举既响应"一带一路"倡议，又抓住中东新能源产业机遇，标志着其国际化战略进入新 阶段。 本文是阿中产业研究院"中东生意经"系列第184篇，深度介绍中阿投资、贸易和工程建设领域的产业政策、法律法规、产业 趋势、市场需求、竞争格局和潜在交易机会。 一、项目详情：沙特延布园区建溶剂基地 本次项目实施主体为全资子公司Capchem Middle East Company，公司目前合计控制100%股权，后续拟引入沙特本地投资者 合资，具体模式待协议及主管部门核准。 项目位于沙特延布重工业园区，用地约10万平方米，建设周期不超过3年，总投资约2.6亿美元，资金来源于自有及自筹资 金，或与战略投资者共同出资。 核心建设内容为年产20万吨碳酸酯溶剂生产线、联产10万吨乙二醇生产线，并配套公用工程、环保设施、仓储物流及安全 系统。 该项目采用公司自主ECOSIP TM技 ...

Market Overview - The Hong Kong stock market opened slightly higher, with the Hang Seng Index at 26,361.44 points, up 22.97 points, a gain of 0.09% [1] - The Hang Seng Tech Index reached 5,755.28 points, increasing by 18.84 points, a rise of 0.33% [3] Company Focus - Kuaishou Technology (HK01024) saw its stock price rise over 10% in early trading [4] - Kuaishou has conducted a share buyback from December 15 to 30, 2025, repurchasing a total of 9.9627 million shares for a total amount of HKD 643 million, despite a cumulative drop of 4.37% during this period [6] Sector Performance - Technology stocks showed mixed performance, with Alibaba up over 2% and Bilibili up over 3% [6] - Oil and gas equipment stocks opened higher, with Shandong Molong rising over 13% [6] - Gold stocks were active, with Zijin Mining International up over 1% [6] - Power equipment stocks opened lower, with Goldwind Technology down over 6% [6] - Chinese brokerage stocks generally fell, with China Merchants Securities down over 1% [6] - China Aluminum Corporation rose over 6%, while new consumption stocks rebounded, with Pop Mart up over 2% and Chow Tai Fook up over 5% [6] - Newly listed company Woan Robotics (HK06600) continued to attract investment, rising over 20% in early trading and up over 50% from its issue price [6] Market Outlook - Huatai Securities believes that the current market sentiment and liquidity environment are better than in November, increasing the likelihood of successful investments in Hong Kong stocks [8] - Recommendations include continuing to invest in technology chains with performance expectations, as well as balancing cash flow assets [8] - The report highlights three key areas for investment: upstream resources in the power chain, travel-related sectors benefiting from domestic demand policies, and domestic AI leaders in the technology sector [8] - GF Securities' Liu Chenming team is optimistic about the Hong Kong market's rebound, noting a shift from traditional economic cycles to hard technology sectors like AI applications and new energy [9] - The team indicates that previous liquidity and sentiment issues that suppressed the Hong Kong market may have adjusted, suggesting potential for rebounds in the Hang Seng Tech Index [9]

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：鑫椤锂电、封面：图虫创意 行情变化： 根据 ICC鑫椤资讯测算， 以当前磷酸铁锂电芯平均价格水平来看，终端对于碳酸锂价格的承受水平约 在 11.2万元 左右。 0 1 0 2 行业聚焦： 0 3 锂电情绪指数： 近日美国强行控制委内瑞拉，对新能源市场会有一定影响。根据 ICC鑫椤资讯调研数据显示，近6成产 业客户认为短期将利多新能源。这主要是由于委内瑞拉作为我国主要的石油供应国之一，在被美国强行 控制后，对于后期我国石油采购量及成本会有负面影响，间接利好新能源发展。另一方面，部分汽车和 锂电池企业也担心，美国加速拉美布局，可能会影响到后期中资企业在智利、阿根廷、巴西等的新能源 产业发展，会对后期锂盐资源供应造成影响。 1月5日，ICC电池级碳酸锂（99.5%）现货结算指导价格为 122000 元 /吨 ，较上一工作日 上涨 2000 元 ；电池级氢氧化锂（ 56.5%粗颗粒）结算指导价格为 98000 元 /吨 ，较上一工作日 上涨 2000 元 。 期货方面， 1月5日，碳酸锂期货放量上行，主力合约收于 1 ...

2025年是达州东部经开区建设发展的第4年，从"全力筹建"的夯基垒台，到"全速建设"的加速快跑，再 到"全员招商"的全面发力，达州东部经开区勇担全市"双园驱动"战略核心引擎重任，交出了经济量质齐 升、创新活力迸发、民生福祉增进的亮眼答卷。 中新网四川新闻1月5日电 (记者 张浪)4日，达州东部经开区举办"阔步十五五、奋进新征程"汇报大会。 大会明确"十五五"时期，达州东部经开区将坚持"大抓工业、重抓制造业"，奋力建成千亿级产业园区和 国家级经开区。 四年来，达州东部经开区发展始终以创新为核心密码，在产业培育上精准发力，加速构建多点支撑产业 格局。以方大达钢为链主企业，延链补链、聚链强链，全力打造千亿级现代钢铁产业集群。更有以星空 钠电、正宏储能为核心的千亿级新能源电池产业集群蓄势待发，与国际化工巨头巴斯夫达成战略合作， 构建从关键材料、电芯制造到系统集成、回收利用的产业闭环，抢占产业发展"制高点"。重庆邑丰新能 源改性甲醇燃料、全场景智健家居综合生产等项目加速落地，百亿级能源化工和智能制造产业集群雏形 初现。 招商模式上，达州东部经开区在产业链招商、基金招商全链条发力，成果丰硕。2025年，全年签约15个 项 ...

2026年1月5日午后，创业板新能源ETF华夏（159368）涨幅扩大至2.52%。盘面上，成分股普涨，仅4只 个股下跌，道氏技术涨停，罗博特科上涨12.20%，先导智能、富临精工等涨超6%；截至发文，创业板 新能源ETF华夏（159368）成交额达6227万元，居同类基金首位。 消息面上，埃隆·马斯克2025年12月31日通过社交平台发布重磅消息，旗下脑机接口公司Neuralink计划 于2026年启动脑机接口设备大规模量产，并同步推出全自动化外科手术流程。这一规划标志着脑机接口 技术从临床验证阶段向产业化落地迈出关键一步，也成为A股人脑工程板块的强力催化。 公司面上，12月25日，道氏技术控股子公司认购强脑科技Pre-B轮优先股完成交割，推进碳材料在脑机 接口、电子皮肤等前沿领域的应用。作为国内最早量产单壁碳纳米管的企业之一，公司单壁碳纳米管粉 体性能已与进口产品相当，也是脑机接口电极材料的关键导电增强剂。 创业板新能源ETF华夏（159368）是全市场跟踪创业板新能源指数的规模最大ETF基金。创业板新能源 指数主要涵盖新能源和新能源汽车产业，涉及电池、光伏等多个细分领域。创业板新能源ETF华夏 （159 ...